>From the article:
"The obvious question is how did we get to this point," said Council Member
Paul Ostrow.
It's good that someone is asking the obvious questions. Maybe this is an
obvious question, too, but what makes this more of a bomb than the usual
news from downtown? Just the fact that it's going to cost the city a pot
of money? Or that it proves that the Gaviidae was a poor investment in the
first place?
Rosalind Nelson
Bancroft
At 10:34 PM 1/26/01 -0600, David Brauer wrote:
>It's finally happened. If you want to know why city development policy has
>been so flawed, and why today's generation of policymakers shouldn't just be
>sheepish, they should be ashamed to have voted for a ridiculous Block E and
>Target store subsidy, check out the story on the city forgiving $15 million
>to $35 million in loans to Brookfield Development, owners of Gaviidae
>Common.
>
>This story has been cooking for a long time. The city invested, stupidly, in
>high end retail, and this is what we get: 10 years later, a great big fiscal
>bomb in the middle of our finances. You can be appalled at the crappy deal
>that the city negotiated (say, was the current mayor on that council?), but
>the question you have to ask - and this early story doesn't answer - is what
>does it do to our already stressed fiscal projections.
>
>Oh yeah. Brookfield was the early force behind the Block E morass, until,
>faced with this looming time bomb, they sloughed off the turkey onto
>McCaffrey. But don't worry; we might give them a new loan to fix up City
>Center.
>
>Enough for now. Read it and weep at:
>
>http://www.startribune.com/viewers/qview/cgi/qview.cgi?template=metro_a_cach
>e&slug=gav27
>
>David Brauer
>King Field - Ward 10
>
>
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